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Oil can rise to more than $100 per barrel: Mukesh Ambani

Oil can rise to more than $100 per barrel: Mukesh Ambani
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First Published: Fri, May 14 2010. 02 40 PM IST
Updated: Fri, May 14 2010. 02 40 PM IST
Mumbai: Crude oil prices can rise to more than $100 a barrel due to sluggish refinery growth and high costs of new discoveries and production, the chairman of Indian energy major Reliance Industries said on Friday.
“By most analyst accounts crude oil prices are well above the $70 mark and in the foreseeable future in the worst case we have to be prepared to again see a three-digit oil price,” Mukesh Ambani told a conference.
“$80-$100 is a norm in this everchanging global dynamics and we have to reset our thinking rather hoping that oil prices will go back, and energy prices and feedstock prices will go back to what we were used to in the last two decades,” he said.
US crude oil fell to a three-month low below $74 on Friday on concerns the European debt crisis would curb global growth and energy demand, while a stronger dollar shrank buying power for other currency holders.
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First Published: Fri, May 14 2010. 02 40 PM IST
More Topics: Reliance | Commodity | Oil Price | Crude | Government |